The Ripple RLUSD stablecoin has made its public appearance on Independent Reserve, Singapore’s first exchange, sparking market demand for stablecoins.
Independent Reserve, a fully regulated cryptocurrency exchange in Singapore, announced Tuesday that it would support Ripple’s recently launched stablecoin RLUSD on December 22.
As stated in the announcement, this development enables users in the region to trade digital assets with Singapore dollars (SGD) and US dollars (USD), facilitating cross-border payments and seamless transactions.
Ripple RLUSD Stablecoin Penetrates Crypto Market In Singapore
The crypto market, which is already dominated by the likes of Tether USD and Circle USD, was officially entered by the stablecoin on December 17. Ripple CEO Brad Garlinghouse announced then that the company had established partnerships with other crypto companies in the United States, the United Kingdom, Asia, and the United Arab Emirates to increase the adoption of digital assets.
This is the initial instance in which a licensed exchange in Singapore has adopted the Ripple stablecoin, underscoring the country’s expanding status as a center of crypto innovation.
RLUSD’s compatibility with two of the most prominent blockchain networks—XRP Ledger and Ethereum—is one of its most notable attributes. This dual-network support allows Ripple to access Ethereum’s extensive DeFi ecosystem and utilize the XRP Ledger for quick and cost-efficient international payments.
From December 22, 2024, users can trade the stablecoin against Singapore dollars (SGD) and US dollars (USD) on Independent Reserve, per the announcement.
What is the market impact?
Just one week after its global debut on December 16, 2024, RLUSD’s official launch is already significantly impacting the market. The positive sentiment among investors was evident in the 2% increase in XRP, Ripple’s native cryptocurrency, to $2.23.
The increase in XRP Futures open interest indicates the increasing interest from XRP whales, which are sizable investors. This increase implies that significant market participants are observing Ripple’s actions.
